PAG Investments Grabs NJ Office Park
- May 19, 2017
PAG Investments, a real estate investment, development and management company, has acquired an office park located in the Essex community of West Orange, N. J.
Dubbed Executive Hill Office Park, the 400,000-square-foot property hit the market in the of fall 2016, marketed by HFF’s Parsippany office. The seller, an entity controlled by RNY Property Trust, had purchased the portfolio in 1997 for around $56 million from a private landlord.
The property was 48 percent leased at the time of sale, with the tenant roster including Lincoln Educational, GEICO and a U.S. government agency.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, Associate Director Marc Duval and supported by Senior Managing Director Andrew Scandalios. The team also procured the buyer in the transaction.
Encompassing 31 acres off Prospect Avenue and Rooney Circle, Executive Hill Office Park includes four Class B office buildings completed between 1971 and 1984:
- 10 Rooney Circle (built in 1971; 70,240 square feet) – includes an on-site café and conference center;
- 100 Executive Drive (built in 1978; 93,670 square feet);
- 200 Executive Drive (built in 1980; 105, 650 square feet);
- 300 Executive Drive (built in 1984; 124,780 square feet) – includes a 1,500-square-foot data center.
“This is a unique transaction that appealed to the office buyers as well as redevelopers,” said Cruz in prepared remarks. “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”
Image courtesy of Yardi Matrix